With passive income, you may do a lot of work upfront to setup the passive income system but eventually you’ll be able to minimize your participation in those projects and still get paid. Please note that passive income is not considered a one-time lump sum payment, such as a sale of your home or stock, but a source of income that’s expected to continue over time. Many successful entrepreneurs understand the significance of passive income and the vital role that it plays in creating financial freedom. In fact, some of the most successful entrepreneurs have multiple streams of passive income so that the money keeps on coming in even when they’re focused on other projects. Plus, having multiple streams of passive income also assist with minimizing the risks involved should any one of the income stream fail for any particular reason.

Here at Success Pen Pal, we like to focus on multiple streams of passive income for the reasons mentioned above. One of the best ways to earn multiple streams of passive income is through the Internet. In fact, the Internet is filled with opportunities for earning a quick buck. However, people should note that the amount of money you earn is directly proportional to the amount of time and effort invested. With this in mind, here are some great ideas for making money online:

Blogging:

For those unaware, a blog is short for “weblog” which is a website containing the writer’s or group of writers’ own experiences, observations, opinions, etc. If you’re a passionate closet writer who wants to be published, then blogging might be the right option for you. There are a variety of free blogging platforms out there to select from, such as WordPress, Blogger, and even Tumblr.

To be a successful blogger, people are not required to have extensive technical skills but it’s very important that you have expertise in the field that you’re writing about. Not only would this attract visitors to your site but also help you build a large following that’ll enable you to earn profits by luring advertisers, writing paid reviews, or receiving commissions for promoting other people’s products or services.

Affiliate Marketing:

To receive commissions, many bloggers are involved with affiliate marketing in an effort to resell other people’s products or services. Please note that an affiliate is a person who receives a predetermined amount of commission from vendors for selling their goods. So if you’re good at promoting and selling, then becoming an affiliate marketer might be the right option for you.

The best part about affiliate marketing is that you do not need to own the products. Instead, you could sign up for an affiliate program from other organizations and begin selling products immediately. If you’re interested, companies, such as ClickBank and Commission Junction, have a large selection of products and services to select from.

Advertising:

Another option to earn money online is through advertising. People could sell space on their website for advertisements and earn a commission when these ads are clicked by visitors of your site. This is called “pay-per-click (PPC)” advertising and many people use banners and videos for advertising online. Please note that your earning potential depends heavily on the amount of traffic of your site. Some advertising options are Google’s AdSense, BidVertiser, Blogads, and Text Link Ads.

Paid Writing:

For others who feel that maintaining a blog is too difficult, you could still indulge in your passion for writing by getting paid to write for others. For instance, you could write articles and blog posts for others using platforms, such as PayPerPost, Helium, and Weblogs. Another option is to become a copywriter or copy editor where you’re paid to write copies in an effort to promote products and services. If you have a strong command over languages, you could even become an author writing eBooks for yourself or others.

E-Teaching:

The demand for online tutoring has grown exponentially. If you enjoy helping others learn, then e-teaching might be the right career choice for you. All you would really need to become an online tutor is expertise in your subject matter, along with a few spare hours a week. If you’re interested, just enroll on sites, such as TutorVista, SmartThinking, Tutor dot com, and E-Tutor. Once you’ve gained a good reputation as a coach, opportunities will come pouring in asking for you to assist with lectures, webinars, etc.

Freelancing:

Freelancing is another great career option for professionals who are experts in their respective field. In gist, freelancers offer bids, ideas, or proposals about a project to buyers and these buyers would select the most suitable freelancer for that particular job. Overall, there are a variety of free websites, such as Fiverr and Elance, that’ll assist with helping freelancers land gigs pertaining to a certain niche or category.

Buying & Selling Domains:

Buying and selling domains is another way to earn money online. The goal is to buy domains at their registration prices, or lower, and then turnaround and trade them at a profit. Rather than buying any domain name, it’s vital that people conduct adequate research on sites, such as eBay, AfterNic, or any other domain auction site in an effort to get the latest trends on domain names that’s selling. One effective approach towards this is to use “terminated domain lists” because it’ll contain several expired names that have been added back into the pool for sell.

Virtual Assistant:

Becoming a virtual assistant is another popular option for earning money online. Many small businesses are in dire need of people that could help them achieve their organizational goals and objectives. Rather than hiring a full-time employee because of lack of resources, these companies would prefer to hire a virtual assistant instead. As a virtual assistant, you’re expected to perform a variety of tasks similar to that of a traditional secretary or assistant. Tasks, such as travel reservations, research, handling expense reimbursements, etc. In essence, your expertise will determine your pay rate and you could also become a virtual assistant on Fiverr and Elance.